摘要:负债经营作为现代企业生存有效的经营方式不仅能给企业带来收益，也能给企业带来财务风险，如何有效地控制负债经营及其带来的财务风险，保证企业的长久发展是目前亟待解决的一个问题。本文界定了负债经营和财务风险的内涵，研究了负债经营的特征、利与弊、负债经营和财务风险的关系，认为适度的负债经营能带来财务杠杆效益，过度的负债经营能带来财务风险。以南京纺织品进出口公司为研究对象，分析该公司负债经营的现状，发现南纺企业资本结构不合理；企业的偿债、盈利和营运能力较先进企业比都比较低；筹资活动中现金流出额较多，主要用于支付债务的本息；利用财务预警模型预测该企业存在财务危机先兆。从发现问题出发，提出了控制该公司财务风险的优化措施，主要包含四个方面即:保持适度的负债规模；优化现存的负债结构；提高资产的运营效率；建立财务预警机制。
关键词 负债经营；财务风险；控制
Abstract:As an effective survival mode of the modern enterprise, debt management can not only get income, but also bring the financial crisis. How to control the financial risks and ensure the long-term development of enterprises is a problem urgent to solve. The paper defines the connotation of the debt management and financial risks. Study the debt management characteristics, advantages and disadvantages and the relationship of debt management and financial risks, put forward the view that the moderate debt can bring the profit of financial leverage, but excessive debts maybe bring the financial benefits risk. Taking Nanjing Textiles Import and Export Corporation as research object, and analyze the status of debt management of this company. The author found that the capital structure of this company is irrational; and the solvency, profitability and viability of this company is lower than the advanced enterprise; and cash outflow in financing activities is a larger amount, which are used to pay the principal and interest of the debt; and the financial early warning model predict the threatened financial crisis of this company. From the exist problem, the author finally give the advice which can control the company's financial crisis, it includes four aspects: to maintain an appropriate debt scale; optimize existing debt structure; improve the operational efficiency of the asset; set up financial early warning mechanism.
Keywords Debt management Finance crisis Control
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